Debt ReliefSeekers in Massachusetts on the Rise

At CareOne Debt Relief Services®, we understand that being in debt can be stressful. After all, many of our employees and even our founder, Bernie Dancel, have been there too. Our personal experiences with overcoming debt have allowed us to help millions of people. Over the years, we’ve worked with people across the country, helping them experience financial freedom. Our tools and resources allow us to match our customers with a customized solution that works for their situation.

We know how hard it is to make ends meet in Massachusetts. According to CityRating’s website1, the cost of living in Massachusetts is higher than the national average. Although the average yearly salary of $57,739 in Massachusetts is $10,997 higher than the U.S. average, the consumer price index is also high: 8.93% more than what the rest of the country pays.

Our own internal data shows that many Massachusetts residents seeking debt relief are renters. In fact, in 2011 this number was 5% higher than the national average. This fact may be related to the increasing number of foreclosures in the state. Recent statistics reported on the Massachusetts Real Estate Trends website2 for the Quincy, Boston, and Cambridge areas show that foreclosures are up a whopping 67%. This also drags the price of houses down, promising less “bang for your buck” if you do need to sell your home.

Overall, the amount of debt carried by Massachusetts residents seeking debt relief increased by 23% from 2010 to 2011 according to our data, and was 29% higher than the national average. So what’s the answer? At CareOne, we know from experience that finding relief from debt takes hard work and diligence. But, with the right partner and the right plan, it’s entirely possible.

If you’re struggling to make ends meet and think debt consolidation or relief might be the right choice for you, we encourage you to call one of our Certified Personal Finance Counselors®. They will provide a free debt relief analysis and walk you through your options. We offer multiple debt relief options, and we’ll help you determine the one that works for your unique situation.

View our article about debt in Boston for more information on debt in Massachusetts.